When Your Award Is Ending

Approximately one month before an externally sponsored project/grant, contract, cooperative agreement, etc., is to terminate, a notice is sent to the PI and various University offices notifying them that the account is closing and to forward charges to the Accounting Office by a certain date. The terms of most sponsored programs require that a project be closed in a timely manner after the termination date. While the University may be able to obtain a no-cost extension, this termination date must be considered final. No charges can be incurred after that date. Activities such as student payroll, copy key charges and that type of charge which is typically posted the following month are allowable. No new obligations may be incurred. The PI is responsible for reviewing open purchase orders to expedite their payment. Any items which cannot be received prior to the termination date of a project should be moved to another source of funds. All purchase orders still open on the date of termination should be closed through the Purchasing Office.

Specific closeout procedures for contracts/grants are usually set forth by the sponsoring agency in their award document. Requirements may range from a simple final fiscal and narrative program/progress report, to a series of reports dealing with such matters as fiscal accountability, disposition of property acquired with contract/grant funds, certificates of compliance, invention disclosures and grantee releases. Stipulations as to number of copies of the final reports will also vary.

The primary aim of local procedures is to satisfy the closeout requirements of the sponsoring agency and to provide adequate fiscal and managerial records for retention for future audit. Accordingly, at the end of the contract/grant period and within the time specified in the agreement, OSP will review the account to ensure all significant actions are complete. The PI will receive an email to alert them the account will close in approximately 30 days prior to the end date.

Helpful Links

Your donations are greatly appreciated and help us to increase the support for students, faculty, academic programs, research, regional engagement, and global outreach to achieve excellence in all aspects of the UNCW experience.